We have discussed the Craig Whyte narrative here in some detail since October last year when we first suggested he was preparing to liquidate Rangers and attempt a prepack recovery. I expect this to be put into motion today.
You can ignore any meetings Duff and Phelps hold with prospective buyers of the club, this is window dressing. Craig Whyte and his partner company, Ticketus, are the only people in position to make a viable offer for the business. They hold security on the stadium and Murray Park with Ticketus owning the first 26,000 season tickets (approx.) sold for the next three years. It would cost approximately £40m to release Ticketus security plus whatever is owned to Whyte. No one will offer to cover these costs.
Expect Duff and Phelps to conclude their meetings and report that they are in possession of a genuine offer from Whyte/Ticketus, or their proxy, to buy the assets of the company. The proxy may be required as pretty much everyone who has touched this club in recent years would not be considered a Fit and Proper person and would fail the requirement not to be involved with an insolvency within the last five years.
The offer for all assets will be for a nominal amount and will be conditional on all legal action against Whyte or his companies being dropped. Duff and Phelps will accept the offer.
Whyte cannot afford to allow large scale redundancies as he needs to be able to sell these players in the summer or play those he is unable to sell. With the players not agreeing to a short-term cut in pay, he has to make his move now, despite the enormous risks involved in going early.
Duff and Phelps could have made redundancies 24 days ago and ensured the club would be able to finish the season, or at least survive until the tax verdict, but retaining the football squad was an important part of Whyte’s forward plan – and Whyte’s notional offer will have been known to them from the beginning.
HM Revenue and Customs will take a bath for their £75m, Whyte will emerge with all property assets and the football club, although the club will carry the significant burden of selling tickets for Ticketus.
The SPL board will have to vote within the next week on whether or not to allow Rangers Newco to continue with the same league membership as Rangers FC. Whyte will have to take an enormous chance that his proxy will be presentable enough to allow them to turn a blind eye to the enormously inappropriate behaviour.
The vote could go either way but I expect Celtic will be the only club to object.
The issue is complicated by legacy issues. Neither the SPL nor the SFA have acted on the improper registration of players matter yet. If any of the current Rangers team had their current season contracts registered with the alleged improper procedures, games involving those players will have to be awarded a 3-0 defeat to Rangers.
The SPL will have to come up with a verdict on this matter within days or else revisit the matter in a few weeks, after deciding on what to do with Rangers Newco.
The SPL must also consider the issue of precedent, the consequences of enabling a club to disenfranchise a £75m creditor cannot be underestimated.
HMRC may also have an input here. They stand to lose most from this deal and may seek court intervention, arguing that liquidating the company prior to the FTT verdict is unnecessary and prejudicial to their interests.
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Ulysses:
As we know perception is reality or at least nine tenths of it. The construction of that “reality” is determined by narratives- the interweaving of memory and meaning. Reality itself is probably the ultimate meta narrative: Whytey as the wolf and rankers as the poor innocent white socked red riding hood is the “reality” we are gonni be spoon served…
Stewart Regan:
I can confirm that the club is facing a charge of bringing the game into disrepute.
I want the Tee-shirt!!!
What’s the voting procedure to change rules etc. Is it 10-2 ?
If this is the case then the below scenario to force through radical changes to the detriment of Celtic/Rangers makes sense.
jock steins celtic on 8 March, 2012 at 16:46 said:
they could say to say Celtic – OK no Hun NewCo if you agree to this.
they could say to Hun NewCo – OK you’re in if you agree to this.
Wonkyradar.
If Celtic withdraw from the CL qualifiers UEFA will simply give there place to another team.
Most probably Motherwell or Hearts.
Celtic cannot threaten to resign unless we have a definite place to go to.
We don’t.
TT
could that proposal be ,let the cheating lot back in and we you lose us
hail hail
Could it be that the rest of the SPL clubs are aware of how Celtic will, and should, react to a newco possibility and consequently don’t feel the need to hear the position of our club as it has been made clear in the background?
Let’s hope so.
10 SPL clubs to discuss radical reform.
Looks like setting up SPL 1 and 2 and invite. Admin FC into one it other.
Changing rules.
Probably put Newco in SPL 2.
Sniff sniff
Surely anything the ten clubs speak about/plan/etc is null and void seeing as we weren’t invited? I can see why no rangers – they have systematically destroyed Scottish football in the last 15-20 years, but not inviting us to the discussions is very strange.
I STRONGLY BELIEVE
The ten SPL clubs see this as their opportunity to push for what they want – a 16 team SPL. They will ignore Celtic as we don’t need any friends. They will come up with their plan of attack – eventually making a big friend in rangers/newco to push this thru – as they will certainly need friends.
The other thing is, if it becomes SPL1 and SPL2, then if they are to start at the bottom league they only need one promotion to get to top division.
Does this make sense to anyone or am I reading too much into it?
This is getting more like a script from the Sopranos every day. The families havin a wee meeting.
What’s the voting procedure to change rules etc. Is it 10-2 ?
Could the other ten clubs be getting together to decide what new rules they can implement for their benefit if RFC (IA) were no more and they can vote in anything they want?
Could they for example vote in 50-50% split of gate money for SPL games? Even split of TV monies?
QB
I hope we are trying to find an out ,if the circus that is Scottish football allow that lot back in then ,there will be no more games for me .
I have watched game for years in the belief that they have been aided by the MIB I,m feckd if I am going if the whole shebang is in their favour
hail hail
SFA:
“Craig Whyte is not considered to be a Fit and Proper person to hold a position within Association Football.”
Did they conclude anything about a certain Campbell Ogilvie?
pabloh_AKA_NEIL LENNON on 8 March,
Makes sense to.me mate…
pabloh-That has been my take from day one,with the hun in such a weak position,the clubs pushing for SPL 1 & 2 are in a stronger position.And they could possibly get a TV deal fot SPL 2.
jock steins celtic on 8 March, 2012 at 16:46 said:
they could say to say Celtic – OK no Hun NewCo if you agree to this.
they could say to Hun NewCo – OK you’re in if you agree to this.
——————————
They could equally say and with just cause we need a different share out of income to safeguard the league.
Celtic with UEFA money at least at EL level more or less guaranteed can afford to make comcessions that will safeguard the other clubs.
If I were the SPL/SFA I would be approaching UEFA for financial help to ensure sporting integrity did not succumb to commercial considerations. Ask Platini to put UEFA money where his mouth is.
Just heard on the radio (Sky) that the SFA have decided that Craig Whyte is not a fit and proper person to hold post in Scottish Football. Is that in anyway significant in the Grand Plan?
jj
rr David Hay- remember this…its us versus the rest always has been and always will be.
100% correct.
That’s what I thought – this could be their one and only chance to split Celtic & rankers with regards to financial deals – tv/gate money/etc.
The fact that we would be left out of discussions regarding the league we are going to win, contribute most to financially and have been competing in (with accordance to the rules) for over a century stinks to me.
Mort- Agree, we need a Club statement for clarity.Have we made a proposal or are we excluded?
Would appear Nat King Cole was either a Tim or a Psychic:
The party’s over
It’s time to call it a day
They’ve burst your pretty balloon
And taken the moon away
It’s time to wind up the masquerade
Just make your mind up the piper must be paid…The Partys over
Stewart Regan:
“I can confirm that the club is facing a charge of bringing the game into disrepute.”
This has been left out of the BBC Scotland’s report on the SFA statement;
Jeeezzoo!!!
If the ten apologists are having a chin wag to help the ragers ,then hell mend them .As any newco will walk straight over the lot of them because ,the peepil don’t do second place
It looks like the victims that have been cheated the most (US) ,are going to be the biggest losers in all of this .BUT HEY WHAT’S NEW .
We need to get the hell out of Scottish football ASAP .
hail hail
An even split of TV monies is our carrot.
A bigger share of a lesser amount may give SPL chairmen enough courage to vote against newco.
wonkyradar
aye
them poor wee sons of william
duped at every turn
by a bid bag, suitably google eyed, bogey man
although just like gollum, i believe he still has a part to play
u
Sannabhoy
It’s a disaster this place doesn’t do Jelly and Ice Cream.
Just have to make do with beer he he he.
What happened to the radical changes to the Scottish Football months ago.
Why did all the talk of 16 teams league stop all of a sudden, something stinks boys.
Absolutely stinking honking decision by the 10 SPL clubs to have a meeting without us in the room. That can be for nothing more or less than a decision to arrive at a united front regarding the Rangers situation. They will all emerge from that meeting speaking in a single voice, to take the hits as a collective.
It reeks. It is bent. It is corrupt.
Celtic, TIME TO GO …
pabloh_AKA_NEIL LENNON on 8 March, 2012 at 17:04 said:
The case for larger divisons has to be divorced from Rangers fate. If it is achievable and right for the game it would not bother me if Newco were able to join the lower division.
A Newco Rangers is inevitable but they will not be Oldco in a different guise, they will be the equivalent of Hearts/Dundee Utd with good periods and bad ones during the season, droppig points on a more regular basis than they have been used to in all but recent times.
This may be a crisis but it an opportunity to put the game on a more level playing field including how income is shared.
What if they’re meeting to make an offer to Celtic i.e. split the tv money evenly and the huns get the bullet? It would help to offset any losses they might make due as a result of losing the two huns home games. Everything is possible at the moment.
James Forrest is The Emperor of Ice Cream on 8 March, 2012 at 17:16
To coin a phrase
“Let them eat cake”
Well carry on with the Jelly and Ice Cream
James Forrest is The Emperor of Ice Cream on 8 March, 2012 at 17:16 said:
This is the lesson in the movie Charlie Wilson’s War reflected in this story about a Zen master:
Gust Avrakotos: There’s a little boy and on his 14th birthday he gets a horse… and everybody in the village says, “How wonderful. The boy got a horse!” And the Zen master says, “We’ll see.” Two years later, the boy falls off the horse, breaks his leg, and everyone in the village says, “How terrible!” And the Zen master says, “We’ll see.” Then, a war breaks out and all the young men have to go off and fight… except the boy can’t ’cause his legs all messed up. and everybody in the village says, “How wonderful.”
Charlie Wilson: Now the Zen master says, “We’ll see.”
merseycelt lmfao as the big house door slams shut on 8 March, 2012 at 16:29 said:
============================================================
Excellent post merseycelt……but you’re forgetting one thing.
We are the batterers now. They are weaker than us and their sanctions over the next 3-4 years will compound this. If this comes to pass, we can show the world how they have been given special treatment, but how we can still skelp them. Keep them where we can see them and give them a slap four times a year…at least.
If this happens, theirs will be a slow and painful death and what’s better, it will be at our taigy hands.
Bring it on!
Baldrick
Auld Neil Lennon heid on 8 March, 2012 at 17:18
Dontcha just love a happy ending.
In any sane person’s eyes they are a disgrace. Always have been always will be so nothing new here. If I was offered the present scenario at the start of the season I would been delighted. I never ever expected any assistance from anywhere and we won’t get any. We’ve got a long memory of getting shafted so what’s new. Let’s get it right into the lot of them and win the treble. We have Neil Lennon on board and millions of us supporting the greatest team in the world. Let’s do it and what a party we’re gonna have. Let them rot in hell if even they’ll have them! HH.
TinyTim on 8 March, 2012 at 17:01 said:
‘Celtic cannot threaten to resign unless we have a definite place to go to’
That’s factually incorrect. I think you mean shouldn’t, rather than cannot.
Off out, enjoy your evening bhoys.
rangers newco direct entry to the SPL is the only question on anyone’s lips at the moment. I suspect the 10 clubs want to take the decision out of Celtic’s hands by forming a consensus amongst themselves.
This effectively nullifies one member’s vote. These people deserve rangers, for eternity.
The 10 clubs meeting has surely got to be a money issue. Without Rangers, they see an opportunity to get a fairer share of the TV dough. Or maybe, as has been suggested, they agree to vote with Celtic against the newco, also in return for more cash.
I’d be happy with that.